Modi’s Bad Judgment in Choosing “National Champions”

Table of Contents

• Under 10 years of Indian Prime Minister Narendra Modiʼs rule industrialist 1
• Gautam Adani became a national champion in infrastructure and one of 1
• Chinaʼs Belt and Road Initiative . To compete with China in building 1
• That is proving a terrible choice. US prosecutors have indicted Adani for 1
• 12 gigawatts of solar-power contracts from Indian government agencies. 1
• US Deputy Assistant Attorney General Lisa Miller has accused Adani and 1
• Earlier in 2023 US short-seller Hindenburg alleged that Adani had 1
• Indonesia to his power plant in Gujarat where his power tariff is linked to 1
• These claims temporarily crashed Adani prices but they recovered soon. 1
• Given Adaniʼs closeness to Modi it was no surprise that neither Indiaʼs 1
• US prosecutors. His share prices and ability to borrow abroad cheaply will 1
• Cynical Indians will say that bribes are standard practice in India. But the 1
• India and will be elated at the new ammunition provided by US prosecutors. 1
• China has long dominated foreign financing and infrastructure 1
• Sri Lanka to build a new terminal at Colombo port. It nominated Adani to do 1
• A few years ago when Bangladesh faced an acute power shortage Modi 2
• Godda in India and transmit this to Bangladesh by power lines. 2
• Bangladeshi activists have long condemned this as a sweetheart deal 2
• Adani has proposed investing in Africa in a big way. He was close to 2
• Both have been opposed by trade unions and activists who allege 2
• In sum Adaniʼs reputation was far from fragrant even before the US 2
• Some will recall that in the early decades of Koreaʼs dizzy economic rise 2
• Adani will pay a heavy price. So in different ways will Modi. 2